Other announcements

Charity taxation

From April 2019, the Government will introduce measures to reduce administrative burdens on charities. These include:

An increase from £5,000 to £8,000 in the upper limit for trading charities can carry out without incurring a tax liability where turnover is under £20,000 and from £50,000 to £80,000 where turnover exceeds £200,000.

Allowing charity shops using the retail gift aid scheme to send letters to donors every three years when their goods raise less than £20 a year, rather than every tax year.

An increase to the individual donation limit under the gift aid small donations scheme to £30, which applies to small collections where it is impractical to obtain a gift aid declaration.

Tax abuse and insolvency

Following royal assent of Finance Bill 2019/20, directors and other persons involved in tax avoidance, evasion or any act that is deemed unethical will be jointly and severally liable for company tax liabilities, where there is a risk the company may deliberately enter insolvency.

Find out what we can do for you

If you have any questions, or would like to find out how we can help you or your business, give us a call on 01582 540800 and book a free appointment today. Alternatively, you can get in touch with us by filling in our contact form.